DGAP-News

IMH: INDUSTRIAL METALLURGICAL HOLDING (KOKS GROUP) ANNOUNCES 1H 2014 FINANCIAL RESULTS

EquityStory.RS, LLC-News: KOKS Group / Key word(s): Half Year Results
IMH: INDUSTRIAL METALLURGICAL HOLDING (KOKS GROUP) ANNOUNCES 1H 2014
FINANCIAL RESULTS

20.08.2014 / 13:02

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PRESS RELEASE

INDUSTRIAL METALLURGICAL HOLDING (KOKS GROUP) ANNOUNCES 1H 2014 FINANCIAL
RESULTS

Moscow, 20 August 2014

Industrial Metallurgical Holding (IMH, KOKS Group), a vertically integrated
company comprised of the world's largest exporter of merchant pig iron, a
leading Russian producer of merchant coke, and coking coal and iron ore
assets, announces its financial results for the six months ended 30 June
2014.

Key Group Financials



RUBm 1H 2014 1H 2013 1H 2014 /


1H 2013, %

Revenue 21,394 21,046 +2

Cost of goods sold 14,854 15,535 (4)

Gross profit 6,540 5,511 +19

Operating profit 1,762 1,510 +17

Adjusted EBITDA 4,855 2,881 +69


Adjusted EBITDA margin 23% 14% -


Adjusted LTM EBITDA 8,990 5,635 +60

Net loss (96) (833) (88)

Purchase of property, plant and equipment (2,459) (3,803) (35)

Net cash from operating activities 2,747 3,011 (9)

Debt 28,821 27,074 +6




- IMH's revenue increased by 2% y-o-y primarily due to higher pig iron
sales on the back of the weakening Russian rouble.

- Cost of goods sold improved by 4% due to lower feedstock prices and the
implementation of the Company's productivity enhancement and opex
reduction policy.

- The Groups' gross profit was up 19%, with gross profit margin of 31%
compared to 26% in the previous period.

- Operating profit was 17% up due to higher revenue, lower cost of goods
sold and a 27% reduction of distribution costs resulting from improved
efficiency of the IMH's logistics function.

- IFRS-based consolidated EBITDA for 1H 2014 grew by 69%. Adjusted EBITDA
for the 12 months ended 30 June 2014 was 60% up y-o-y. IFRS-based
consolidated EBITDA margin for 1H 2014 reached 23% showing a
considerable improvement y-o-y.

- In Q1 2014, the Company wrote off the assets of ZAO Siberian Resources